A few consequences of COVID-19

A few consequences of COVID-19

By lioha369 | 1minRead | 18 Jul 2020

Shortly a few examples of the impact that Corona Virus had on the global economy.

  • Victoria Secret announced bankruptcy of the UK segment
  • ZARA closed 1200 stores worldwide
  • La Chapelle shut down 4391 stores
  • Chanel stopped production
  • Hermes closed
  • Patek Philippe ceases production
  • Rolex too
  • The world industry of luxury has shrunk¬†
  • Nike has $23 billion in debt. The second round of dismissal is around the corner
  • Gold's Gym applied for bankruptcy
  • Brooks Brothers - bankrupt. 200 stores closed. The brand is over 200 years old
  • Bed Bath & Beyond closed 200 stores
  • J. Crew is bankrupt
  • Ann Taylor and Lane Bryant closed 1200 stores
  • GNC will close 1200 out of 5400 stores
  • Neiman Marcus - bankrupt
  • Macy's is cutting down 3900 employees from the front office
  • JC Penney is bankrupt, closing 150 out of 850 stores
  • The founder of Airbnb said that due to the pandemic 12 years of hard work were wasted during the 6 weeks
  • Starbucks announced the permanent closure of 400 cafes
  • WeWork is also not in the best situation
  • Herz, the largest car rental is bankrupt
  • Comcar, transporter with 4000 trucks is also bankrupt

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